Deduction

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Deduction

That which is deducted; the part taken away; abatement; as in deductions from gross income in arriving at net income for tax purposes.

In Civil Law, a portion or thing that an heir has a right to take from the mass of the succession before any partition takes place.

A contribution to a charity can be used as a deduction to reduce income for Income Tax purposes if the taxpayer meets the requirements imposed by law.

deduction

n. an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income. This is not the same as an exemption which is for one's marital status, age over 65, blindness and number of dependents (e.g. children), which, added together, reduce the tax owed.

References in periodicals archive ?
According to the May 2019 guidelines, only cash contributions and donations backed by official receipts can be used for tax deductions with limits of seven per cent of an individual's aggregate income and 10 per cent of a company's aggregate income, while non-monetary donations such as food, clothing, stocks, building materials and other goods are not tax-deductible.
The bureau also concluded that Kobe Steel concealed part of its income by reporting the money it paid to precision machinery export dealers as commission fees and that paid to a subsidiary as business contracting fees even though both payments cannot be treated as tax-deductible expenses, according to the sources.
The payments to the family upon death are tax-deductible to the corporation, yet are paid with income tax-free proceeds of a corporate-owned life insurance contract.
With contributions being tax-deductible, the policyholder may qualify for a lower income-tax liability.
Not only are businesses free to advocate for policy change, but their expenses in doing so are tax-deductible.
You'll receive a tax-deductible receipt in return for your donation.
Between now and December 31, many of our member families will make contributions to the tax-deductible National Right to Life Educational Trust Fund.
In early Mar., the newly minted stockholders were encouraged to make tax-deductible donations of their shares to the Foundation, a 501(c)(3) entity dedicated to developing innovative education and recruitment initiatives for the profession.
As WILPF's 501(C)3, we are your Educational (tax-deductible) Fund.
But as it turns out, every tax-deductible cent donated to the AFLPA goes not to New York City firefighters or Cantor Fitzgerald widows, but rather to spay/neuter programs for Missouri's dogs and cats.
Checks for tax-deductible contributions should be made payable to "Victims and Families Relief Fund" and sent to:
Until recently, though, the Association had no structure in place to fund scholarships and other educational programs with tax-deductible contributions.